Top Financial Advisors in Des Moines, IA

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The Legacy Financial Group, the first firm on our list of top practices in Des Moines, is an SEC-registered advisor that first opened its doors in 2010. Legacy Financial Group works primarily with individuals who do not have high net worth, although the firm does have high-net-worth clients.

This is a fee-based firm, meaning some of its advisors can sell insurance products and securities on a commission basis. Despite the potential conflict of interest, this creates, the firm is legally bound to act in clients' best interests due to its fiduciary duty. The firm's advisors have earned industry credentials such as the certified financial planner (CFP) and the accredited investment fiduciary (AIF) designation.

There is no account minimum.

Legacy Financial Group Background

Legacy Financial Group has been in business since 2010 and also conducts business as Longenecker Financial Services. The firm is wholly owned by Spectrum Wealth Advisors, which in turn is owned by partners William Elson, Brian Hood and Rachel Wood. 

Legacy Financial Group is also ranked among the top 10 firms in the state by SmartAsset. 

The firm offers a variety of services, including portfolio management, financial planning, consulting services and financial education services. 

Legacy Financial Group Investment Strategy 

Legacy Financial Group focuses on actively managed investment portfolios. This strategy involves utilizing research, analysis theories and other resources to select investments that may have the potential for a major return. 

According to recent documents the firm has filed with the SEC, “The Adviser believes that a portfolio should be diversified, and excess returns can be achieved by overweighting undervalued asset classes and investment styles.”

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DMKC Advisory Services is the next firm on our list of the top financial advisors in Des Moines. DMKC works mainly with individual clients, those both with and without a high net worth. Other clients include institutions, such as charities and businesses.

DMKC is a fee-based firm that employs advisors who may also receive commissions from selling insurance products or securities to clients. This potential conflict of interest is mitigated by the fact that the firm is a registered fiduciary advisor. This means it is legally obligated to act in the best interests of clients at all times.

Account minimums vary depending on the type of services a client seeks. The firm's Anchor Program requires a $50,000 account minimum, while the Atlas Program requires a $500,000 minimum. The firm's top-tier service – the Allied Program –  requires a $1 million account size. 

Like Legacy Financial Group, DMKC is also rated among the top 10 firms in Iowa. 

DMKC Advisory Services Background

Daniel M. Kelly founded DMKC Advisory Services in 1999 and the firm registered with the SEC as an investment advisor eight years later. Kelly serves as the president of the firm. D.M. Kelly & Company, which Kelly founded in 1995, is the parent company of DMKC. The Daniel M. Kelly 2004 Trust is the majority owner of D.M. Kelly & Company.

DMKC provides its clients with both investment portfolio management services and financial planning and consulting services.

DMKC Advisory Services Investment Strategy

DMKC works with its clients to provide tailored investment strategies that help them meet their individual financial goals. Advisors meet with clients regularly to determine an overall financial profile, including tolerance for risk, liquidity needs, financial history, desired investment strategy and more.

Advisors at DMKC primarily use fundamental analysis to inform their investment decisions and long-term purchases to help drive growth in client portfolios. The firm generally looks to invest in assets for anywhere from five to 20 years. 

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A fee-only firm, West Financial Advisors is next on our list. The team of advisors has several professional certifications, including the certified financial planner (CFP), certified public accountant (CPA), chartered financial analyst (CFA) designations. 

Individuals and their spouses make up the majority of this firm’s client base. More specifically, the firm mainly serves high-net-worth individuals and their families. The firm does not have a set account minimum, but it is focused on serving high-net-worth investors, defined as households with a least $1.1 million managed by the firm or individuals with a net worth exceeding $2.2 million.

As a fee-only outfit, advisors at West Financial do not recommend or sell third-party financial products or services for commissions. Instead, the firm's revenue comes solely from the direct fees that clients pay for advisory services. These fees are based on a percentage of a client's assets under management and/or charged as a fixed rate. 

West Financial Advisors Background

Husband and wife financial advisor duo, CIO Brian West and managing partner Laura West, independently own West Financial Advisors. The firm was founded in 2006, but its advisor team has an average of about 20 years in the financial industry.

This firm manages portfolios for many different types of clients and its offered services are equally as diverse. Clients have access to financial planning and portfolio management services, as well as periodicals the firm publishes and educational seminars/workshops that it offers.

West Financial Advisors Investment Strategy

Before the portfolio construction process can begin, West Financial Advisors likes to make sure that it knows exactly what your desired investment style is. To do this, the firm will schedule a face-to-face consultation to learn about your risk tolerance level and time horizon. These guidelines are then taken into consideration to figure out how your portfolio will be diversified across asset classes.

This firm engages in active management and focuses on long-term investing. "Our investment team monitors global economies and markets daily to ensure portfolios are positioned to maximize upward market movements and minimize the impact of market declines," the firm states on its website. The relies on both fundamental and technical methods of analysis, as well as charting, to evaluate and select securities. 

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However, as a fee-based firm, advisors on staff may earn sales commissions when selling clients insurance, creating a conflict of interest. This form of compensation can incentivize advisors to make certain recommendations for the purpose of generating a commission. Then again, the firm is a fiduciary and is required to act in clients’ best interests.

Peterson Financial Group Background

Peterson Financial Group, Inc. was founded in 2008 and became a registered investment advisor (RIA) in Iowa in 2013. In April 2021, the firm officially registered with the SEC. Peterson Financial Group is solely owned by Eric Peterson, who serves as the owner and leader of the company.

The firm offers a range of services to cater to the financial needs of its clients. These services include financial planning services, which involve creating a comprehensive plan to help clients achieve their financial goals. Additionally, the firm also provides recommendations of third-party investment advisors, ensuring that clients have access to expert advice and guidance in their investment decisions.

Peterson Financial Group Investment Strategy

Peterson Financial Group believes in tailoring its investment strategies to meet the unique needs of each client. This approach involves an individualized asset allocation method that takes into account factors such as risk tolerance, goals, investment objectives and other data gathered during client meetings. Additionally, the firm may rely on investment strategies and collaborate with third-party advisers to ensure appropriate investment diversification.

Typical investments made by Peterson Financial Group include equities, ETFs, cash, no-load or load-waived mutual funds. Keep in mind that the firm often manages accounts according to one more investment model that are either developed internally by the firm or externally by model managers. If your portfolio is managed according to one of these models, the firm won’t develop customized portfolio holdings. Instead, your investment will be dictated by the model(s) associated with your account.

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Des Moines Investments concludes our list of the top financial advisors in the city. This fee-only advisory firm focuses on investment management, financial planning and wrap fee programs. As a fee-only firm, there is no conflict of interest with recommended investments because the advisors do not receive commissions on the sale of securities.

There is no required account minimum to work with Des Moines Investments. The firm serves with individuals, trusts and business owners. 

The firm's small team of advisors holds several financial certifications, including the certified financial planner (CFP), chartered life underwriter (CLU) and chartered financial consultant (ChFC) designations. 

Des Moines Investments Background

The firm was founded in 2008 by David Harkin, who has served as a registered investment advisor since 2008. The firm is also known as Fort Des Moines Financial Services, Inc. 

Like most firms, Des Moines Investments offers both investment management and financial planning. The latter may include insurance planning, tax planning, retirement planning, business continuity and estate planning.

Des Moines Investments Investment Strategy

The firm offers a personalized investment advice approach to specialize the investments of each individual client around these factors: 

• Goals and objectives
• Time horizon
• Risk tolerance
• Current and future income needs
• Portfolio diversification
• Tax considerations
• Outside investments and retirement plans
• Liquidity requirements
• Inflation protection

The firm aims to be forward-looking at the markets in relation to the economy, business cycle and changing events that could impact investments.